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Jul 21, 2011
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paychecks for soldiers, in afghanistan and iraq and at bases around the world conceivably wouldn't go out. f.a.a. towers could shut down. border crossings could close. operations at the f.b.i. and the c.i.a. would be put at risk. safety inspections of the food that we eat and the cargo that enters our ports could halt. and the resulting spike in interest rates would ironically make our debt even harder to tackle because each 1% rise in interest rates alone would result in $130 billion in increased interest payments on our national debt each year. perhaps, most importantly, hard-working american families would also feel the crunch. a spike in interest rates would effectively force a tax on all americans and american businesses due to increased consumer costs. just as important, failure to raise the debt limit would lock up credit markets because the u.s. would no longer be seen as a reliable credit risk. coincidentally, mr. president, yesterday an important consumer protection law which senator lugar and i introduced and passed and you helped us with on the floor here last year went in
paychecks for soldiers, in afghanistan and iraq and at bases around the world conceivably wouldn't go out. f.a.a. towers could shut down. border crossings could close. operations at the f.b.i. and the c.i.a. would be put at risk. safety inspections of the food that we eat and the cargo that enters our ports could halt. and the resulting spike in interest rates would ironically make our debt even harder to tackle because each 1% rise in interest rates alone would result in $130 billion in...
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Jul 21, 2011
07/11
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new zealand is a country that is in enormous partnership with us at this time, assisting in afghanistan, engaged in transpacific trade deliberations with us, and in many, many other ways contributing to one of the strongest and best partnerships we have on a global basis. therefore, i would ask unanimous consent that the senate stand in recess subject to the call of the chair so that colleagues might welcome the prime minister to the floor of the united states senate. the presiding officer: is there objection? without objection, the senate stands in recess subject to t twitter.com c-span wj is how you can reach us. one of the headlines this morning. the deficit cutting plan too much too late. talks between various members. the government reporter can we first go on to the gang of 6 proposals? if from bloo bloomberg news. is that what they are thinking on capitol hill today? >> yes. the gang of six came out with their proposal. it's fairly sweeping. i think there's a sense more among -- there's a sense among some lawmakers that they are trying to sign on to this. there was a letter that
new zealand is a country that is in enormous partnership with us at this time, assisting in afghanistan, engaged in transpacific trade deliberations with us, and in many, many other ways contributing to one of the strongest and best partnerships we have on a global basis. therefore, i would ask unanimous consent that the senate stand in recess subject to the call of the chair so that colleagues might welcome the prime minister to the floor of the united states senate. the presiding officer: is...
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Jul 21, 2011
07/11
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money for projects in afghanistan may actually be going to insurgents. the wall street journal reports according to an audit, u.s. aid is acceptable to fraud because of limited control. the u.s. has given more than 70 being dollars to security developments in 2002. lack of oversight and the failure to take certain measurements like cash serial numbers makes payments hard to track. top xanders in afghanistan and yking cia chief general david petraeus is an optimistic assessment to the american campaign calling the afghan war fragile and reversible. petraeus says now is the time to rekindle a once, trusting relationship. >> carl, you talked about debt and the money we have been pouring into the wars over the past decade. we are spending $2 billion to $2.5 billion a week. >> it's never going to change. that's the real point. this is about pakistan, as we said on the show a number of times. how do we deal with pakistan and at the same time, get out of afghanistan except in terms of special forces or drones to represent our interest and chase down terrorists?
money for projects in afghanistan may actually be going to insurgents. the wall street journal reports according to an audit, u.s. aid is acceptable to fraud because of limited control. the u.s. has given more than 70 being dollars to security developments in 2002. lack of oversight and the failure to take certain measurements like cash serial numbers makes payments hard to track. top xanders in afghanistan and yking cia chief general david petraeus is an optimistic assessment to the american...
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Jul 21, 2011
07/11
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as much as $10 million every day, maybe smuggled out of afghanistan. how does that happen? well, when afghan government officials leech the country, no one is checking how much cash they are carrying with them. and the audit shows that afghan officials have no intention at all of scanning their cash through those electronic currency counters. the u.s. would be able to keep better oversight, but u.s. officials are not allowed access to the part of the airport where the vips go through and president hamid karzai has now banned u.s. treasury officials from working with the afghan central bank. amid all this, president obama and the obama administration are now asking for another $17 billion in cash to send to afghanistan reconstruction projects. even some democrats are wondering at this point if we're not just throwing good money after bad. we spoke with senator claire mccaskill who has been keeping an eye on iraq and afghanistan reconstruction projects for years. >> i know the troops are -- are doing everything they are being asked to do and in return, w
as much as $10 million every day, maybe smuggled out of afghanistan. how does that happen? well, when afghan government officials leech the country, no one is checking how much cash they are carrying with them. and the audit shows that afghan officials have no intention at all of scanning their cash through those electronic currency counters. the u.s. would be able to keep better oversight, but u.s. officials are not allowed access to the part of the airport where the vips go through and...
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Jul 21, 2011
07/11
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over the entire decade, the cost of afghanistan and iraq wars is about $1.3 trillion. and that is a lot of money. again, that's over ten years, over a decade. this year alone, the deficit is expected to be $1.4 trillion. the deficit this year will be larger than the cost of the iraq and afghanistan wars over ten years. the driving force behind our deficit is not the wars in iraq and afghanistan. it's just not. war costs represent only 4% of total outlays over the last ten years. the total amount of money spent since president obama took office is $8.5 trillion. by the end of his first three years in office, we will have added $5 interest to our gross federal deficit. these are stunning numbers. bush had a widely criticized $450 billion deficit. since president obama has been in ofsz the deficits -- in office the deficit looks like it will be $1.5 trillion. we are borrowing too close to half of what we're spending every single day. in the last few years, discretionary spending, non-defense discretionary spending in the last two years increased 24%. 12% a year on average
over the entire decade, the cost of afghanistan and iraq wars is about $1.3 trillion. and that is a lot of money. again, that's over ten years, over a decade. this year alone, the deficit is expected to be $1.4 trillion. the deficit this year will be larger than the cost of the iraq and afghanistan wars over ten years. the driving force behind our deficit is not the wars in iraq and afghanistan. it's just not. war costs represent only 4% of total outlays over the last ten years. the total...